You are locked into monthly payments for the student loan debt which can increase your debt-to-income ratio which lenders use to determine how much money they are willing to lend you on a home purchase. This can mean that you qualify for a smaller loan, or you may not qualify at all.

Student loan debt can also affect your credit score which can affect the mortgage interest rate that you qualify for, making it even harder for you to get the home you want. A higher interest rate can dramatically affect the monthly payment on a home. For instance, if you have the same $200,000 home at 3% interest and 5% interest, your payment can change by over $230 per month.

Finally, having student loan debt can make it much harder to save up for a down payment on that first home. Lenders traditionally want you to have 20% of the purchase price. There are many programs where you can have a smaller down payment, but they can be tricky to qualify for, and most still want you to have at least 5% down. On a $200,000 home, that is $10,000 cash up front.

What we are seeing right now, with the competitive real estate market, is many people sitting on the sidelines. This has created opportunity for investment firms who are buying up residential real estate and turning it into rental properties. They have deep pockets and can pay all cash for properties, edging out many individual buyers. Being a renter can have advantages, especially if there are pricey repairs that don’t have to be paid by you, but the American dream is to have your own home with no-one to answer to except maybe a lender.

If you want to see if buying a first home in the Lake Wylie area is right for you, give us a call at 803-831-8588 and we can put together a plan for you and your family. You can view current listings and create custom searches on our website here.

Homes for sale in March dropped to 361 from 451, according to monthly statistics released by the Carolina Regional Realtor Association.

The lowered inventory and rising demand also reduced time on market for Lake Wylie-area homes, which dropped 36% to 76 days. Year-to-date days on market also dropped by 16% to 89 days from 106 days for the same period in 2015.

The average price of Lake Wylie-area homes remained largely unchanged at $350,787 for year-over-year, while the year-to-date average sales price rose 15% to $361,960.

This is a sign of increased demand in a time where there is not enough on the market to satisfy buyer needs. There was only 4.4 months inventory in March, which is a drop of 2 months from March 2015.

The reality is most sellers are also buyers, which makes listing a house a scary prospect if you are not sure you can find the ideal home to move into. That could be one factor in the 30% drop in new listing for March. Year-to-date new listings were down 15% to 338 from 2015.

In Mecklenburg County as a whole, the number of new listings was nearly unchanged from a year ago at 2,435, and the average sales price jumped 4.3% to $280,665. Where Mecklenburg Co. took the biggest hit was in inventory, which fell nearly 42% in March to 1.8 months. Days on the market dropped to 51.

The City of Charlotte saw inventory fall to below 2 months as well (1.7 months), while the average sales price jumped 2.2% to $271,386. New listings dropped by almost 5% to 1,891 for March.

The neighborhood of 104 home sites, located just west of the Buster Boyd Bridge, is full of custom homes built by 5 builders on lots of a half acre to 1.5 acres. There is a community pool, walking trails and Lake Park for residents to enjoy.

The nearby River Hills Plantation Country Club features an 18-hole golf course, tennis courts, a fitness center and other amenities. Daniel Stowe Botanical Garden is nearby, as is Coffer Dam, one of the best fishing spots on the lake. McDowell Nature Preserve is just across the bridge on Highway 49. The 1,100-acre preserve is largely undeveloped and home to lots of wildlife.

Homes in Heron Cove range from the $400,000s to $900,000s. According to the Heron Cove Web site, there are still interior and waterfront lots available.

Currently, there are 3 homes listed on the market in Heron Cove. Over the last 12 months fewer than 1 home per month has sold. The average sales price is $486,737. The average price per square foot is just under $127.

Six homes sold in Heron Cove in 2015 for an average of 98% of list price.

If you’re interested in living on the lake then take a look in Heron Cove. The real estate market heats up with the weather, and you don’t want to miss out on Lake Wylie life!

Campco Engineering presented its revised plan Dec 21. A vote is expected in January, according to a Rock Hill Herald report.

Tega Cay owns 10 acres. The city is in talks with Duke Energy and Clear Springs Baxter for an additional 52 acres.

The site along the river would add sports fields, picnic shelters, a canoe/kayak launch, playgrounds and restrooms, among other amenities. The site already has a boat ramp and fishing areas, according to the report.

The final design planning could take six months. Design approval for the city’s 10 acres means work could start on that parcel of land sooner while agreements with the other land owners are negotiated.

Settled in the 1750s, downtown Belmont has a vibrant collection of local merchants, restaurants and a historic district listed on the National Register of Historic Places.

One of the many choices to call home is Timberlake, which is only two miles from the downtown area and nestled in a bend of the South Fork Catawba River.

Over the past 12 months,  the number of homes sold per month in Timberlake is about 1.7 homes and trending downward to one per month in the last three months.  The average sales price is just over $311,000 and approaching $347,000 in the last three months.

The average price per square foot has remained relatively steady in the last 12 months, average approximately $105 per square foot.

   At 4.2 months inventory, Timberlake is well below all of Belmont and Gaston County, which have 5.9 and 5.8 months inventory, respectively.

Currently, there are seven homes on the market in Timberlake; Four of the homes are already under contract.  New construction is also available through builder AV Homes.

Location: Be conscious of where the house is located on the lake. This could include an area of the lake that is rocky or sandy, if the windows primarily face the lake, or if there is a boat launchpad nearby.
State of the Home:  When looking to purchase a home on a lake, consider that there is constantly moisture in the air. Be wary of purchasing a home that has had previous damage or issues with affected wood, metal or stone that is attached to the home. Contact a home inspector for this step, if possible.
Hire the Right Realtor: The right realtor will understand what you are looking for and avoids wasting your time on properties that are not within your budget. You want a realtor you can trust to help you attain the best deal on your next home.
If you’re in need of a realtor in Lake Wylie, contact Lake Wylie Realty!

117 Waterfront Homes are listed for sale in the area known as Lake Wylie which includes Mecklenburg and Gaston County in NC along with York County SC: also known as area 15

Below are the Stats:

Home prices range from $240,000.00 to $3.5 Million. Only 3 are for sale under $450,000

The average list price is $840,000 and the median price is $699,000

Current days on the Market 151

As of 8/1/13 57 Single Family Homes have Sold and Closed:

The average Sales price was $592,000.000

The average number of days on the Market were  122
 The average sales price to list price was 95%

The average price per squire foot was $187.00

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